Around half of the UK population have Life Insurance. Do you know what happens to this when you go overseas, whether for a few weeks or a few years? Are you still covered?
Insurance companies have a reputation for resisting claims for payments and for UK expats some of the policy wording can make this easier for them to do.
Many expats fail to realise that a life assurance policy taken out in the UK can become invalid when they move abroad either temporarily or permanently. According to Underwriters, where you are living may make you more high risk and may invalidate your policy.
While most will review their policy when their circumstances change such as an increase in the level of borrowing, the birth of a child or if they were relocating to a war torn country, for example but may not give it a thought if re-locating to a country such as Hong Kong, Europe or perhaps the US.
It is essential that all expats check with their provider to ensure their policy remains valid upon taking up a position overseas. Some policies contain terms and conditions such as being resident in the UK and if you fail to inform the insurance company of your move overseas your policy can become invalid.
An invalidated policy will not only cause financial hardship for those beneficiaries you wanted to protect, but also cause considerable emotional stress at an already difficult time.
Please don't give your insurance company a chance to refuse to payout and check your details now.